Cumberland Co. sells $1,033 of merchandise to Hancock Co, for cash. Cumberland paid $703. for the merchandise. Under a perpetual inventory system, which of the following is the correct journal entry Cles)? a. debit Cash, S1,033; credit Sales, S1,033; and debit Cost of Merchandise Sold, 5703, credit Merchandise Twentory, 5703 b. debit Cash, 8703; credit Sales, S703 c. debit Accounts Receivable, $1.033; credit Sales, 51,033; and debit Cost of Merchandise Speld, 5703; credit Merchandise Inventory, 8703 d. debit Cash, 81,033; credit Merchandise Inventory, $703 Naut